A round up of other news this week.
On 20 June 2019 HMRC published their latest report on the UK tax gap for 2017-18. The report estimates the UK tax gap – the difference between the amount of tax that should be paid to HMRC and what is actually paid – to be £35 billion, which is 5.6 percent of tax liabilities (a small increase of 0.1 percent from 5.5 percent in 2016-17). This means that in 2017-18, HMRC secured 94.4 percent of all tax due. The report also states that between 2015 and 2018, the overall percentage tax gap has remained relatively stable, showing a small increase of 0.3 percent.
The Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting (MLI) Matching Database makes projections on how the MLI modifies a specific tax treaty covered by the MLI by matching information from Signatories’ MLI Positions. The tool is a preliminary (beta) version that will be improved over time. The OECD has expanded the functionality of the database to include information on entry into effect.
We are witnessing an unprecedented shift in DC pension provision, alongside a rapidly growing DB consolidation market. On Tuesday 2 July at 13:00, we will discuss what is driving this change, and what it means for employers and employees. Clients can register here.
European CEOs and tax leaders are transforming their tax departments through technology to support broader organisational goals, according to KPMG’s latest Global Tax Department Benchmarking Survey. Launched at this week’s 2019 KPMG EMA Region Tax Summit in London, the report on the changing roles and responsibilities of tax departments holds some interesting parallels with the findings of KPMG’s Global CEO Outlook, released in May. Together, the two reports show the opportunity for tax leaders to leave behind their operational roots and become a more strategic partner to the CEO.
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